The article discusses how the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union fits into the history of economic policy coordination in the EU. It compares this new treaty to the Stability and Growth Pact and the Maastricht criteria. The authors find that the new Fiscal Compact may not fully solve the challenges of coordinating budgetary and monetary policies in the eurozone, especially given the current crisis. They also suggest that implementing the treaty could lead to uncertainties about the division of powers between the European Parliament, national parliaments, the Commission, and the Council.